2024 UPDATED!!! The savings account offering which of these APRs and compounding periods offers the best APY?

THIS USER ASKED 👇

The savings account offering which of these APRs and compounding periods
offers the best APY?

THIS IS THE BEST ANSWER 👇

$bf qquad qquad textit {Annual Yield Formula} & # 10; \\ & # 10; ~~~~~~~~~~~~ textit {4.0784 % monthly compound} \\ & # 10; ~~~~~~~~~~~~ left (1+ frac {r} {n} right) ^ {n} -1 & # 10; \\ & # 10; start {cases} & # 10; r = rate to 4.0784 % to frac {4.0784} {100} to & 0.040784 \ & # 10; n = & # 10; begin {array} {llll} & # 10; textit {sometimes consolidates per year} \ & # 10; textit {monthly, hence twelve} & # 10; end {edit} to & 12 & # 10; end {cases} & # 10; \\\ & # 10; left (1+ frac {0.040784} {12} right) ^ {12} -1 \\ & # 10; -------- ----------------------- \\ & # 10; ~~~~~~~~~~~~ textit {4.0798 % worse semi-annually} \\ & # 10;$

$bf ~~~~~~~~~~~~~ left (1+ frac {r} {n} right) ^ {n} -1 & # 10; \\ & # 10; begin {cases} & # 10; r = rate to 4.0798 % to frac {4.0798} {100} to & 0.040798 \ & # 10; n = & # 10; begin {array} {llll} & # 10; textit {sometimes consolidates per year} \ & # 10; textit {semi-annually, so twice} & # 10; end {edit} to & 2 & # 10; end {cases} & # 10; \\\ & # 10; left (1+ frac {0.040798} {2} right) ^ {2} -1 \\ & # 10; -------- ----------------------- \\ & # 10;$

$bf ~~~~~~~~~~~~~ textit {4.0730 % worse daily} \\ & # 10; ~~~~~~~~~~~~ left (1+ frac {r} {n} right) ^ {n} -1 & # 10; \\ & # 10; start {cases} & # 10; r = rate to 4.0730 % to frac {4.0730} {100} to & 0.040730 \ & # 10; n = & # 10; begin {array} {llll} & # 10; textit {sometimes six compounds per year} \ & # 10; textit {daily, so 365} & # 10; end {edit} to & 365 & # 10; end {cases} & # 10; \\\ & # 10; left (1+ frac {0.040730} {365} right) ^ {365} -1$

Additional menu

THIS USER ASKED 👇

THIS IS THE BEST ANSWER 👇

Reader Interactions

Leave a Reply Cancel reply